Are Mobile Home Parks the Best Investment? with Paul Moore

gabe-387

Join our community of RE investors on Skool: https://www.skool.com/the-real-estate-investing-club-5101/about?ref=44459ba83f5540f19109c8a530db4023  0:00 Episode Introduction 0:58 From Engineering to Real Estate Empire Journey 3:34 Why Paul Abandoned Multifamily for Better Assets 5:56 Mobile Home Park Deal Finding Strategies 8:59 Park-Owned vs Tenant-Owned Home Conversions 12:07 Self-Storage Investment Thesis and Value-Adds 16:00 Small Town Success: Beeville Texas Case Study 18:14 U-Haul Partnership Revenue Reality Check 21:37 How to Lose Money Podcast Wisdom 25:11 Circle of Competence: Warren Buffett's Advice 27:17 Geographic Investment Strategy Revealed  FROM ENGINEERING TO ALTERNATIVE INVESTMENTS EMPIRE 🏗️➡️🏢 In this powerful episode of The Real Estate Investing Club podcast, host Gabe Petersen interviews Paul Moore, a seasoned commercial real estate investor who pivoted from multifamily syndication to focus exclusively on mobile home parks, self-storage, and RV parks. Paul's journey from engineering to building a diversified alternative investment portfolio offers invaluable insights for investors seeking higher returns outside traditional asset classes.  THE 347% IRR MOBILE HOME PARK GOLDMINE 📈💎 Paul shares an incredible success story from February 2020, when his team acquired a mobile home park for $7.1 million and received a $9.5 million offer just one week later. Despite COVID uncertainty, they held the asset and eventually sold for a staggering 347% IRR after implementing strategic improvements. This deal exemplifies the hidden value in mom-and-pop owned alternative assets that institutional investors often overlook.  WHY MULTIFAMILY BECAME OVERPRICED AND OVERSATURATED 🏢❌ Unlike most real estate investors who praise multifamily investing, Paul explains why he abandoned the sector around 2018. With hundreds of guru-trained investors chasing the same deals, multifamily properties became overpriced and over-leveraged. Paul recognized that believing in perpetual 11.2% annual rent growth was unrealistic, leading him to seek assets with genuine intrinsic value following Warren Buffett's investment principles.  MOBILE HOME PARK ACQUISITION STRATEGIES 📞🎯 Paul's operating partners employ a systematic approach using eight full-time team members who contact over 1,000 mom-and-pop mobile home park owners weekly. Their persistence pays off, as demonstrated by a seven-year relationship-building process with an 88-year-old owner who finally sold at age 95. This long-term nurturing approach often results in below-market acquisitions from motivated sellers who value relationships over maximum profits.  Join our community of RE investors on Skool: https://www.skool.com/the-real-estate-investing-club-5101/about?ref=44459ba83f5540f19109c8a530db4023

Transcript

00:00all right we are live with another episode of the real estate investing club

00:09hope you guys are having a great day wherever you are and whatever day it is for you as always it

00:14is friday on the podcast we're bringing that friday energy to you and uh we have recently

00:19switched over recording software so we might run into technical difficulties as we get this episode

00:24live but hey man it's all good because uh we like everything in life you just move on and figure

00:30it out so it's gonna be a good day because we have paul more with us on the podcast paul has a ton

00:35of experience um but i'm excited about this because he likes self-storage mobile home parks rv parks which

00:41is what i also love so i'm excited to jump into this paul thanks for hopping on yeah gabe great to

00:46be here all right um i told you before we got on here we always like starting with stories we like

00:52to hear how people got to where they are um i know you have a long story in real estate so why

00:58don't you go back to the beginning of your story and tell us how you got here i'll go back to the

01:02very beginning so i started out with an engineering degree which was my first big mistake uh not for

01:08most people but for me it was a terrible move i got an mba went to ford motor company five years had my

01:14own company sold it to a public firm after five more years start investing in flip houses the first

01:21house we flipped we went to the courthouse steps and bought it we were the only people there on an

01:27icy snowy day and uh virginia and we bought it for 32 000 threw a coat of paint on the main floor and

01:35sold it for 64 000 and we thought this is easy we can do this every week and of course

01:42if you make too much money on that first deal you got

01:45we lost money over confidently on two of the next three deals and we found out it wasn't quite as

01:53easy but we still flipped 40 50 60 houses in the next several years uh plus some waterfront lots at

02:01a lake i built seven houses and i learned something really important for your audience gabe you guys

02:06might want to write this down you shouldn't build a house if you don't know how to tighten your own

02:11doorknob i'm just saying so um but pivoted to commercial real estate in 2011 and um tried to

02:20be a multi-family syndicator wrote a humbly titled book called the perfect investment and um that was

02:27about multi-family but around 2018 we realized hey it's not the perfect investment and i started

02:36telling my audience on bigger pockets and uh other podcasts i was on uh that hey look if you have to

02:44overpay over leverage and believe trees are going to grow to the sky in other words rents are going to

02:50keep going up 11.2 percent a year in tucson forever um then you better believe it's not a perfect

02:58investment so we pivoted and we started studying warren buffett and his principals charlie munger those

03:06guys looking for intrinsic value buffett says price is what you pay value is what you get and we found

03:13out that there was more intrinsic value in self mom and pop owned self storage and mobile home parks and

03:21then years later we added rv parks and so we're not an operator we're a fund manager we're getting ready

03:28to launch our seventh and eighth funds all diversified across multiple asset classes and that brings us up

03:36to today nice man i love it um so you are one of the few people who have left multi-family most people

03:44that i get on here you know they say multi-family is their bread and butter but you you seem to think

03:48that's not there it's a little bit overhyped um which makes sense to me because i've looked at

03:53multi-family deals and they're all trading at like five caps and i just it never made sense in terms of

03:58like the return you'll get and what you have to underwrite in order to make the deal make sense

04:03um so that you kind of reached that conclusion and you're like no this is not yeah not for me

04:08we invest in multi-family um but we love mobile home parks and self storage and we could take the

04:15rest of the podcast me telling you story after story of uncovering undervalued under managed

04:24poorly advertised self storage and mobile home parks that you know i mean that i mean we we had one we

04:31bought on the eve of covid february 20th and we we were the largest investor i shouldn't say we bought

04:38it but on february 25th 2020 um it was acquired for 7.1 million half debt half equity and they got

04:48an offer nine and a half million a week later and i pleaded with my operating partner to sell it i'm

04:53like look covid could kill us all we don't know what's going to happen why don't you sell it and

04:58take the you know that you know would have been a 67 profit i think on the equity in a week and he

05:05said nope it's going to be worth 13 million in three years you'll see well he got an offer of 15

05:11million on it later that year and after making several tweaks to it and uh you know and sold it

05:18for a 347 irr on the equity um and the key there gabe was not because he was a great operator he was

05:28great at finding deals this lady who owned this had not even visited the park in years if ever

05:35and it was a institutional size park and um that's the key yeah um i mean you always make money on

05:44your buy that is for certain um so i you know i want to get into both mobile home rv and self

05:49storage let's take mobile home first um you said i mean you find most or you get most of your return

05:56on the fine so how are you guys going out there and finding these deals yeah so we have an uh we have

06:01four operating partners in um the mobile home park space and they are finding deals the most effective

06:10of them it has a bullpen of eight people sitting in a large office in cubicles and they're calling

06:17texting voicemailing and emailing you know thousands literally over a thousand uh mom and pop operators a

06:27week they're all eight of them are working full time doing that and they're cycling through let's

06:33say of the 40 000 or so mobile home parks out there they're cycling through maybe 20 maybe 30 000 of them

06:40every year maybe twice and what that means gabe is that there it's sort of like that ad you get for

06:49windows or roof you know those little ads you get in the mail you're like why do i get these

06:53but the day you need windows and then that shows up well they're there and that's what happens over

07:00and over they they started contacting a guy who was 88 years old in uh near kalamazoo michigan i think

07:06and um they contacted him three to four times a year for seven years and when he was 95 he finally

07:13said yeah i'm ready to sell now and uh sold them in fact he said i'm ready to sell you made me an offer

07:21two or three years ago will you still pay me that much and of course the answer was no it's not

07:28enough and he said yeah it's enough for me i'll take it because they had built a relationship yeah

07:34well and i mean seven years that is crazy i think my longest i think i followed up with a deal um it

07:40was like two and a half years or something like that but still i mean that is that's where the money

07:43is made is just you get them in your database and then you don't let them leave until they either tell

07:48you don't ever contact me again or you get a deal done right um so yeah that's that's great to hear

07:54so what are you guys on the mobile home rv side what are you guys looking for like what's your criteria

07:59yeah so uh mobile home parks um generally our operating partners are looking for poorly managed

08:08parts the last deal we did um is we're investing about nine million in equity the total equity raise

08:18is probably 12 or 13 million like i said we're bringing nine of it and then the rest is seller

08:24financed uh 42 percent loan to cost four and a half percent interest rate four and a half percent

08:32five years i know it's crazy and uh there's about 50 percent park owned homes and so by converting

08:41and this operator is a master at converting those park owned to tenant owned homes and anybody who knows

08:48mobile home parks knows that's a big deal yeah and um what real quick on that do you guys so when

08:54you guys have park owned homes how are you offering on those homes are you valuing the homes like how are

09:00you valuing the actual home itself is it a gross rent multiplier or quickly back up so in commercial

09:06real estate your audience probably knows this so i'll just be brief but the value is the net operating

09:11income divided by the cap rate well that value when these are appraised by banks or uh others

09:19that value only applies to the lot rent not the mobile home itself rent and so um that value the value

09:28of the mobile homes are just tacked on individually by value of the of the house so it's let's say

09:3410 000 20 000 per mobile home if you want to call it that um and so that's just tacked on to the

09:43income from the lot rent well if you can convert all those mobile homes to tenant owned homes number one

09:49those tenants will be responsible for the maintenance number two now they become seriously interested in

09:56keeping it upgraded keeping it maintained keeping it nicer and extremely unlikely to leave if they've got a

10:03twenty thousand fifty thousand dollar mobile home there for them to fall behind on their rent and get

10:08kicked out and leave their mobile home behind or have to spend seven thousand to move it it's not

10:14appealing so there's so many reasons um the value of that park that's fifty percent park owned homes by

10:24taking the lot rent up thirty five percent just to get it to the very very bottom of the market range

10:30and then by converting most of those homes the value of that park skyrockets probably almost doubles over

10:37about four years yeah so but going back to the home itself um so you know you apply a capitalization

10:45rate to the the net operating income which is the site rent only but for the home itself are you guys

10:51doing a gross rent multiplier or are you guys like using a tool to value the home um because you gotta so

10:57yeah full disclosure here we work with four different operators out of our 25 operators four of them do

11:04mobile home parks and they just they all do it differently interesting okay so i i'd say the most

11:10common way that i hear is they just value the home itself okay so they use like a jd power or something

11:17like that and just have a tool that kind of 50 000 if it's a 50 000 five-year-old home they just say 50

11:25and if it's a five thousand dollar in 1978 fleetwood then so be it yeah yeah that makes sense i uh i've

11:35always struggled valuing the the homes themselves because i usually just use a gross rent multiplier um but

11:42then that doesn't really give you know that doesn't take into account the age of the home usually

11:47um so if you you know if it's a brand new home you should be giving more versus a really old one

11:53and so um yeah i've always been curious to hear how people are valuing the actual you know park-owned

11:59homes yeah um so yeah let's talk about storage storage is one of my other favorite asset classes uh so

12:05what when did you guys get into it and why did you choose storage when you first got

12:09um i was sitting right over here and in um february of 2018 somebody called me it seemed to be a call

12:19from a prospective investor in my multi-family um deal and uh he said actually i don't want to talk

12:27to you about that i want to talk to you about why i just pivoted from multi-family to self-storage

12:31are you interested and here if you could have seen my face i said yeah it was on a call and i was like

12:38no no anyway he he laid out the case for self-storage over the next half hour which prompted

12:45me to spend two and a half hours with him again on another call and then make a visit uh a few weeks

12:51later to their site in atlanta and i was completely blown away by all the compelling uh statistics uh

12:59about self-storage i mean one one one that stood out right away is if i'm paying a thousand dollars

13:05rent and somebody raises my rent by 15 i might leave rather than pay an extra 150 a month for that

13:12um you know for that apartment but if you if i'm paying a hundred dollars a month for a self-storage

13:19unit and you raise it by 15 i might grumble but i think yeah i got a month-to-month lease i'm gonna

13:25take a vacation week soon go clean that unit out and i can leave there it's only an extra 15 a month

13:32it's not like i'm gonna spend a weekend get a u-haul get my buddies together to move my junk out and

13:39move it down the street to another unit to save 15 bucks and they could raise it next month too

13:44and um i there were so many other compelling things especially the value ads gave i mean think

13:52people who don't know this some of the self-storage facilities will sell and they'll say stuff like this

14:00like the owner might say yeah i've got six acres out back i never had any use for and of course the

14:06professional operator thinks wait a minute i can gravel or pave that and you know you know lease it for

14:13industrial storage for contractors for boat and rv storage i can build more units if it if it means i should

14:22uh the the professional operator thinks i can add u-haul and maybe get three thousand extra dollars a month

14:29don't talk to me about u-haul we're kind of angry at u-haul on the front i can put a cell tower out in

14:36back i can add a propane filling station i can add an atm i can sell locks boxes tape and scissors it just

14:45there's so many value adds yeah um so you mentioned u-haul and i am curious your guys's experience with

14:54them um so we still one of our locations we started a u-haul you know a neighborhood dealer

15:00out of the location and we we haven't we haven't figured out how to make it a profitable

15:08how to make it more profitable than that or just how to make money out of it uh you know we have money

15:14coming in but it's so slow and it's so it's almost negligible to the point where it's like

15:19um i just don't see why why people are so hyped about getting u-haul into their facility obviously

15:25this this matters based on where it is if you're like downtown in a major city i'm sure you get a

15:30lot more rentals but um yeah what's your guys's experience game i've heard of people making 500

15:36a month and it not being worth it and i literally i i have never confirmed this but i heard of somebody

15:44in blacksburg or christiansburg virginia that has a really unique location making like 15 000 a month

15:51yeah and i i generally hear three to five thousand uh you know in the top half of the range for most

15:58people but i don't have an answer for that i gotta believe it's just location and yeah yeah that's

16:04that's what i think too that this location that we're uh we put it in um it was on a main we're on a

16:10main thoroughfare in indianapolis and we just everybody was saying it's the best location to

16:14have u-haul and we just could not whack it maybe we gotta rethink that one but it's interesting that

16:19you guys so three to five thousand is kind of the average you guys are seeing from adding that's what

16:23i hear a lot yeah okay again we're not an operator we work with um three operators of self storage

16:32and they do all the nuts and bolts so i knew enough to write a book about it but not enough to run a

16:38facility that's fair enough um so one thing that is of concern on the self storage side at least for

16:46me is that is places being overbuilt um the net net rentable per capita is really high especially

16:53you know i like to look by in texas and most of the cities in tex texas there are self storage

16:58facilities going up everywhere and it just doesn't make sense in terms of the population that these

17:03cities you know contain so what is your thoughts on um oversupply and the industry in general

17:10yeah we've we've made some of our very best deals and out of the way locations gabe and we like that

17:17i think that kind of aligns again with the buffett mindset of finding intrinsic value

17:22who would have thought that a beeville texas population 12 000 we actually i own a facility or

17:29someplace in beeville that's funny do you yeah 607 units by any chance no no no this is the army

17:36part okay yeah beeville texas who would have thought that that 600 unit um self storage that

17:43was run into the ground by five feuding siblings after their parents died would have been acquired

17:50for 2.4 million and then sold a year and a half later for 4.6 million um but even more crazy

17:58ishpaming michigan population like 2 000 160 000 square foot facility which again who would have

18:08ever thought that would have worked it's extremely profitable and so my answer would be you know

18:14that's a massive facility that is a huge facility 160 000 square feet i know i think that includes all

18:21the outdoor parking our boat and rv parking and everything but still um it's crazy to think that

18:27that would be so profitable i can take you to nashville and drive you all around and show you all

18:33the reasons it's overbuilt but i could take you 25 minutes south of nashville to i think it's

18:39bellevue or belleville i think they're both there and show you why it's undersupplied because of

18:45regulations that have kept self storage out and a great place to be an operator there so it's very

18:52very neighborhood centric you can't say nashville's overbuilt but you could say that a certain part of

18:58nashville certainly is yeah that makes sense so you guys are looking more in the tertiary markets you're

19:03looking outside of major metros um i've actually had some two of my best facilities are in the middle

19:09of nowhere in texas out just uh west of dfw um these towns are like i don't know a couple thousand

19:17people but they they work really well because they're on the highway um connecting dfw to whatever

19:22the next major city is and yeah um yeah those kind of facilities and i got them uh you know seller

19:28finance it was a it was an old man who just he owned both of them and he was just like i don't want

19:33to do this anymore he was he was the one picking up the phone but he didn't ever pick up the phone

19:37and so they were like 10 occupied and yeah they were great deals so those small 10 that's a record

19:44i've never heard that yet yeah he well he wasn't doing anything he was he he had bought these

19:49facilities a long time ago he didn't actually run them and um he i called him about him and he was

19:55like oh yeah sure here's here's a number let's let's get it done and i was like quick side story i was

20:01um going uh i was in fairbanks alaska looking at a mobile home park that i actually flipped this is a

20:08funny story the guy bought a sand and gravel operation with a huge lake that had been created

20:14of course by the sand and gravel and by the way it happened to have 210 yeah 210 mobile home park

20:24sites around half of the lake and he didn't want those so he sold it for what turned out to be a

20:3025 cap rate and i ended up acquiring that mobile home park myself i owned it for five minutes and sold

20:39to another larger operator but while i was there the point of the story that that's a great story

20:45because i sold it to him for like a 15 cap rate we both got a good deal that's awesome but the cross

20:53the street there was a rundown self-storage facility gabe the phone number on it i couldn't help it i had

21:00to call it and the voicemail said this um hey you've reached susie's mobile massage i'm probably

21:09out giving massages somewhere in rural alaska i'll answer your voicemail within a week if i get around

21:16to it that was the voicemail i thought oh i found the wrong number no that was the self-storage

21:21voicemail would have been wouldn't that have been a great one to acquire yeah those uh those

21:26rundown facilities those are the gems i whenever i drive if i'm driving somewhere i'm traveling

21:31somewhere i always try to find those gems and just call them when i'm driving to see if i can

21:35get a deal done haven't got a deal yet that way but uh one of these days i know it'll happen

21:40yeah well we've been bashing on multifamily earlier let's just compare what we just said the

21:45last 12 minutes or so compared to multifamily where there's hundreds of people trained by gurus

21:53chasing the same multifamily deals and almost all of them are just overpriced over you know picked

22:00over and they're so popular it's a great place to avoid yeah well and so much more could go wrong

22:07with i mean i used to flip houses and i there's so many things in the walls that you don't know

22:12you just don't know you have to open the walls in order to find the issues and so yeah uh i just

22:18yeah that's that's one of the main reasons why i like mobile home parks rv park self-storage is that

22:22there's very few things in terms of the actual capex that you need um that can go wrong yeah so true

22:29all right well i just took a peek at the clock it looks like we have run it down so it's time to

22:33jump into the quick question round are you ready all right let's go all right starts with education

22:38could be any form could be a conference you've been to mentorship program you've been a part of

22:42um book you've read movie you've seen anything i need two recommendations one for general life

22:46with them and then one for real estate for real estate um i actually after doing um some commercial

22:57real estate i mentioned in 2011 i didn't mention that in 2014 i spent 25 000 with a mentor that taught

23:06me everything about real estate syndication and they were specifically in the multi-family arena and that

23:14was priceless education that uh was so much more valuable than anything else i've ever done in that

23:21arena in the personal side that's a tough question i've done a lot of things but um you know i'll mention

23:31i know you want to ask about a book uh my favorite book is larry crab c-r-a-b-b dr larry crab

23:39uh shattered dreams and i learned so much from larry about manhood about being a great husband

23:48father um and about loss and pain and the role of pain i mean i i think i told you i may have told you

23:57that i have i had a podcast for four years called how to lose money and basically it was about taking

24:04the pain and loss of business deals that went bad and multiplying turning that into success and

24:12shattered dreams taught me so much about that in my personal life as well from dr larry crab

24:17nice i uh i love getting new recommendations no one has mentioned that one so i might have to pick

24:23that one up shattered dreams and you said dr larry crab yeah crab c-r-a-b-b and then as far as my

24:29favorite business book it's got to be uh by gary keller and jay papazon and i know you've heard it

24:37a hundred times uh it's called the one thing which taught me the importance of focus yep yeah that's

24:44a good one um i read that a long time ago but i like the i like the idea because it's so easy to

24:50get distracted and uh get the shiny object syndrome and you know split your focus here and there work on

24:56this business on the next one but if you can just focus on that one thing that matters that's uh

25:01that's what gets the needle moving right all right next question is for your younger self let's go back

25:07to the paul who was just getting started so many years ago go back to him look him in the eye give

25:11him one piece of advice moving forward yeah warren buffett talks about getting a circle of competence he

25:18says it doesn't matter how big the circle is what matters is that you stay inside it and he and

25:24charlie munger have spent decades saying no to one thing one great thing after the other

25:31um warren buffett was ridiculed in 1999 for not jumping on the tech bubble bandwagon and he stood

25:40up in front of a bunch of his billionaire friends including a bunch of tech billionaires and said

25:45i know you guys are making fun of me you think i'm 69 and over the hill but i'm not he said i actually

25:52would rather invest in wrigley's gum than i would in your tech stocks because i know how people will

26:00be chewing gum in a decade i have no idea where the internet will be and of course a year and a half

26:05later the tech bubble burst and he was right yet again and so my advice to my younger self would be

26:12learn one or two things really really well and just stay focused on that don't get you know spooked

26:20by shiny objects and chasing them i i've lost millions and millions of dollars and potential

26:28wealth by chasing shiny objects that's one of the things that i struggle with the most is uh

26:34just stay in the course you know find your find your zone of genius find the thing that you're good

26:38at and then just keep going down that line you know mobile home rv self storage i've you know that is

26:44what i do but so often you know i want to get into industrial i want to flip land i want to you know

26:49buy houses short-term rentals all the cool things you can do in real estate but yeah um it really

26:55comes you know expertise comes with doing the same thing over and over and over again so that is a good

26:59advice it's so true gabe and i'll tell you it's better to hit singles and doubles in your area of

27:06expertise than ever swing for the fences anywhere else 100 all right next question is about the u.s it's a

27:13big place there is a lot of opportunity out there give me the single metro you're most excited about

27:18investing in today i'm gonna cop out on you here gabe our company invests in like 45 states and we

27:26are actually only uh adverse adverse to uh investing in california so i'd say everywhere but california

27:35um but but seriously we are obsessed with getting the very very best operators with the best team

27:43with the best products and again self-storage mobile home parks rv parks and um and and then

27:50letting them choose the geography nice um yeah i'm i'm the same way i i am not i don't really focus in

27:58on a specific area i just look for the deal but that's funny that you say no california whatsoever

28:03uh poor california but there's a lot not going for them the legislation the fires all this stuff

28:10i know all right uh going to the next question this is about lessons learned not every deal that

28:17we get into goes the way we expect it in fact many times things go wrong and that is when we get to

28:22learn a lesson so go back to a deal that went a little sideways for you um what was the lesson

28:26you pulled from it yeah my mentor said um this is back in the multi-family days don't buy anything

28:33but uh before 1978 and ideally the mid 80s and going back to when i said you know there were so

28:42many people competing for deals and so many people overpaying believing trees would grow to the sky and

28:49all that stuff we got desperate once and we jumped on a 1962 apartment complex and the number of you know

28:58maintenance issues we had with that was very high compared to you know uh let's say an 80s

29:05built apartment and so my lesson there was listen to your mentors um don't buy you know very old

29:16apartments and um there was uh there were so many other lessons but if i have to stay short that's a

29:23good one perfect i love it all right that leads us to the very last question this is for the listeners

29:29you've given us a lot to think about i'm sure people want to reach out get in contact with you

29:33uh this is a two-parter where can they find you and then what can they expect when they reach out

29:37yeah um they can find me at my website wellings w-e-l-l-i-n-g-s wellingscapital.com

29:47and if they throw slash resources on there wellingscapital.com slash resources they'll get

29:54a free special report on mobile home park investing or another one on self-storage another

30:00one on rv parks or access to either of my two commercial real estate books perfect i will put

30:07that link in the show notes so if you guys want to reach out just click a little more in the

30:11description it'll pull down that full description in there you can find paul's links

30:15all right paul that wraps it up thank you very much for hopping on the show

30:20gabe it's great to be here thanks man absolutely for everybody who's with us today thank you guys

30:26for showing up you are the reason we do this so if you guys have any questions reach out to me

30:30gabe at the real estate investing club.com if you guys want to support the show just leave us a review

30:34other than that i hope you guys have a great week keep rocking real estate and i look forward to

30:38seeing you on the next episode

30:40all right

30:44you

30:47you

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